DUBLIN, July 20, 2021--(BUSINESS WIRE)--The "Spirulina Market by Distribution Channel, Product Type, Application - Global Forecast to 2028" report has been added to ResearchAndMarkets.com's offering.
The spirulina market is expected to record a CAGR of 13.2% from 2021 to 2028 to reach $968.6 million by 2028. In terms of volume, the spirulina market is expected to register a CAGR of 18.1% from 2021 to 2028 to reach 98,768.5 tons by 2028.
The factors such as growing health & wellness trends and dietary supplements industry; growing demand for natural food colors; increasing vegetarianism; stringent regulations regarding the inclusion of synthetic colors and flavors; growing malnutrition; increasing preference for spirulina sourced products, especially omega-3 fatty acids; growing use of spirulina in aquaculture; growing investments from leading color houses, and increase in number of products that include spirulina as ingredients are driving the growth in the global spirulina market. However, low awareness about the benefits of spirulina and challenges associated with spirulina production is expected to hinder the growth of the global spirulina market to some extent.
The global spirulina market study presents historical market data in terms of values and volumes (2019 and 2020), estimated current data (2021), and forecasts for 2028- by distribution channel (consumer channel, business channel), product type (powder, tablets, capsules, flakes, phycocyanin extract, and frozen spirulina), and application (nutraceuticals, food & beverages, animal feed, cosmetics, and agriculture). The study also evaluates industry competitors and analyzes the market at a regional and country level.
Based on the distribution channel, the spirulina market is mainly segmented into consumer and business channels. In 2021, the business channel segment is estimated to account for the largest share of the overall spirulina market. The largest share of this segment is mainly attributed to the direct purchase of bulk spirulina in large quantities by various manufacturers such as nutraceuticals, food and beverages, and animal feed, among others, for further product development.
Based on the product type, the spirulina market is mainly segmented into powder, tablets, capsules, flakes, phycocyanin extracts, and frozen spirulina. The phycocyanin extracts segment is expected to grow with the fastest CAGR during the forecast period, attributed to factors such as tremendous demand from the food and beverage industry, where it is used as a natural food colorant; growing investment from leading players; and expanding application areas of phycocyanin.
However, the nutraceuticals segment is estimated to account for the largest share of the overall spirulina market in 2021. The largest share of this segment is attributed to the booming nutraceutical sector, growing health concerns of the aging population in various countries, growing desire for natural alternatives to traditional pharmaceutical products, and increased awareness among consumers on the link between nutrition and health.
Based on application, in 2021, the nutraceuticals segment is estimated to account for the largest share of the overall spirulina market. The largest share of this segment is mainly attributed to the booming nutraceutical sector, growing health concerns of the aging population in various countries, growing desire for natural alternatives to traditional pharmaceutical products, and increased awareness among consumers on the link between nutrition and health.
4.2.1. Recommended Daily Dose of Spirulina
4.4.1. List of Key Producers, by Size
4.4.1.2. Small Farmers (2-20 Ton/Year)
4.4.1.3. Large Farmers (20-200 Ton/Year)
4.4.1.4. Very Large Farmers (More than 200 Ton/Year)
4.4.3. List of Some of the Key Buyers
5.2.1. Growing Health & Wellness Trends and Dietary Supplements Industry
5.2.2. Growing Demand for Natural Food Colours
5.2.4. Positive Impact on Environment With Spirulina Cultivation
5.2.5. Strict Regulations Regarding the Inclusion of Synthetic Colors and Flavors
5.2.6. Growing Preference for Spirulina-Sourced Products
5.2.7. Growing Use of Spirulina in Aquaculture
5.2.8. Growing Investments from Natural-Color Manufacturers
5.3.1. Low Awareness of Benefits of Spirulina
5.3.2. Complex Production of Algae Products
5.4.1. Emergence of New Application Areas
5.4.3. Growing Demand for Spirulina from Bio Refineries
5.4.4. Increasing Demand for Fresh/Frozen Spirulina
5.5.1. Adoption of New Production Technologies (Photobioreactors)
6. The Impact of Covid-19 on the Spirulina Market
7. Global Spirulina Market, by Distribution Channel
8. Global Spirulina Market, by Product Type
9. Global Spirulina Market, by Application
10. Global Spirulina Market, by Geography
Far East Microalgae Industries Co., Ltd (FEMICO)
Fuqing King Dnarmsa Spirulina Co.Ltd.
Earthrise Nutritionals, LLC (Part of DIC Corporation)
E.I.D. - Parry (India) Limited
Dongtai City Spirulina Bio-Engineering Co. Ltd.
Yunnan Green A Biological Project Co., Ltd.
Zhejiang Comp Spirulina Co., Ltd.
Ordos Xinyuli Spirulina Industry Group Co., Ltd.
Qingdao Haizhijiao Biotechnology Co., Ltd.
Inner Mongolia Rejuve Biotech Co., Ltd.
Hainan Dic Aisheng Microalgae Co., Ltd.
Zhejiang Binmei Biotechnology Co., Ltd.
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